[//]: # () A first-price sealed-bid auction in Leo. ## Summary A first-price sealed-bid auction (or blind auction) is a type of auction in which each participant submits a bid without knowing the bids of the other participants. The bidder with the highest bid wins the auction. In this model, there are two parties: the auctioneer and the bidders. - **Bidder**: A participant in the auction. - **Auctioneer**: The party responsible for conducting the auction. We make following assumptions about the auction: - The auctioneer is honest. That is, the auctioneer will resolve **all** bids in the order they are received. The auctioneer will not tamper with the bids. - There is no limit to the number of bids. - The auctioneer knows the identity of all bidders, but bidders do not necessarily know the identity of other bidders. Under this model, we require that: - Bidders do not learn any information about the value of other bids. ### Auction Flow The auction is conducted in a series of stages. - **Bidding**: In the bidding stage, bidders submit bids to the auctioneer. They do so by invoking the `place_bid` function. - **Resolution**: In the resolution stage, the auctioneer resolves the bids in the order they were received. The auctioneer does so by invoking the `resolve` function. The resolution process produces a single winning bid. - **Finishing**: In this stage, the auctioneer finishes the auction by invoking the `finish` function. This function returns the winning bid to the bidder, which the bidder can then use to claim the item. ## Language Features and Concepts - `record` declarations - `assert_eq` - record ownership ## Running the Program Leo provides users with a command line interface for compiling and running Leo programs. Users may either specify input values via the command line or provide an input file in `inputs/`. ### Configuring Accounts The `.env` file contains a private key. This is the account that will be used to sign transactions and is checked for record ownership. When executing programs as different parties, be sure to set the `PRIVATE_KEY` field in `.env` to the appropriate values. See `./run.sh` for an example of how to run the program as different parties. The [Aleo SDK](https://github.com/AleoHQ/leo/tree/testnet3) provides an interface for generating new accounts. To generate a new account, navigate to [aleo.tools](https://aleo.tools). ### Providing inputs via the command line. 1. Run ```bash leo run ... ``` See `./run.sh` for an example. ### Using an input file. 1. Modify `inputs/auction.in` with the desired inputs. 2. Run ```bash leo run ```